Pasadena, Calif. (Source: Shutterstock)
Another billion-dollar credit union is in the making in California.
The $415 million LA Financial Federal Credit Union in Pasadena said Thursday plans are under way to merge with the $888 million Ventura County Credit Union in Ventura by early 2020, which means VCCU will manage assets of $1.3 billion and become the 51st billion-dollar credit union in the Golden State.
Recommended For You
LAFCU will keep its brand and operate as a division of VCCU. Havasu Community Credit Union, which consolidated into LAFCU after an emergency merger and operated as a division of LAFCU, will also be branded as a division of VCCU.
Joe Schroeder, VCCU's president/CEO, will remain in his leadership position and Galizia will become chief operating officer of the combined cooperative. The headquarters will remain in Ventura with an operations center in Pasadena.
If the merger is approved by regulators and LAFCU members, all branches of each credit union will continue to operate, including eight in Ventura County, three in Los Angeles County and one in Lake Havasu, Ariz.
To maintain a connection with communities, VCCU will have community development staff in both LA and Ventura counties, the credit unions said in a prepared statement.
"This merger will allow us to continue offering members the exceptional service they have come to trust from LAFCU, while also providing improved capabilities, better rates, new technologies and greater convenience," Galizia said.
The combined credit union will employ 262 staff members who will serve a membership of 106,041.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
